Kimmeridge’s candidates defeated, ending months-long battle
PDC Energy, Inc., following its 2019 annual meeting of stockholders, announced today that CEO Barton Brookman, and directors Mark Ellis and Larry Mazza, all incumbent board members, have been re-elected based on a preliminary count of the vote.

All three challengers, members of the New York-based private equity firm Kimmeridge Energy Management, were defeated.

Source: PDC Energy Q1 2019 Earnings Call

According to Bloomberg, Kimmeridge is a 5.1% owner of PDC, and over the past few months, it has argued that PDC’s acquisition and operational strategies were flawed, driving low returns for investors. Consequently...